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Springfield E&P announces significant 1.5bn oil discovered in Ghana’s offshore

Source The Ghana Report

Ghana’s Springfield Exploration and Production (SEP) Limited has announced a significant oil discovery at the offshore of Ghana.

The company, on Wednesday said it had discovered 1.5 billion barrels of oil and 0.7 trillion cubic feet of gas off the West African country’s Atlantic coast.

The discovery, according to the company is a significant one in the country.

It noted, the company currently produces about 200,000 barrels of oil per day, about half of it from British company Tullow’s Jubilee field.

The company, indicated that the undiscovered potential of the block was estimated at over 3 billions barrels of oil and gas.

Expressing his excitement at this major feat, Springfield Chief Executive Officer (CEO), Kevin Okyere, expressed his excitement about the discovery.

“This is great news for Springfield, Ghana and Africa. We are excited about the discovery as it ties into our vision of becoming a leading African upstream player with a global focus. This for us means increased opportunities to impact the lives of our people positively with the resources,” the CEO said.

He also explained the discovery follows its maiden Afina-1 well drilling campaign in the West Cape Three Points (WCTP) Block 2.

The company adds that Springfield has more than doubled its discovered oil in place volume to 1.5 billion barrels and added 0.7tcf of gas.

Reiterating what Springfield CEO said, partners of Springfield, Ghana National Petroleum Corporation’s CEO, Dr. Kofi Koduah Sarpong also noted that  “As the national oil company of Ghana, GNPC is proud of this feat, chalked in this all-Ghanaian partnership. ”

“This achievement fits into GNPC’s strategic pillars of: ‘replacing and growing reserves’ as well as enhancing sustainability through local content development. This discovery demonstrates once again the high prospects of Ghana’s sedimentary basins and the Ghanaian capacity to deliver, given the opportunity, ” he added.

About Springfield

Springfield has made history as the first Independent Ghanaian and African Energy Company to drill in deepwater and find hydrocarbons.

Springfield Exploration and Production Limited was incorporated in March 2008 to pursue exploration and production opportunities in Ghana and the West African sub-region.

The process of acquiring a block began in 2012, but this was finally awarded by the Government of Ghana in March 2016.

The Company is currently the Operator and Majority Interest Holder (84 per cent) of West Cape Three Points Block 2 with the Ghana National Petroleum Company and its exploration company, EXPLORCO holding the remaining interest.

From 2016 until now, the company has been building capacity for both upstream and downstream operations with a significant mix of experienced international industry practitioners working alongside their Ghanaian counterparts.

 

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